Magma HDI Insurance: "We believe this product will help alleviate concerns related to battery insurance, instilling confidence and peace of mind among both current and prospective EV/HEV owners. Through this customized protection, EV and HEV owners will have the specialized coverage they need, thus facilitating the wider adoption of electric mobility,” said Rajive Kumaraswami, Managing Director & Chief Executive Officer, Magma HDI General Insurance.
Magma HDI brightens up Diwali for environmentally conscious owners of electric vehicles and hybrid electric vehicles with their exclusive ‘Battery Secure Add On’ insurance.
Poonawallas, ICICI Venture, others back Magma HDI
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Poonawallas, ICICI Venture, others back Magma HDI
TNN / Updated: Mar 17, 2021, 10:58 IST
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Adar Poonawalla, CEO, Serum Institute of India (File photo)
MUMBAI: The Poonawallas of the Serum Institute, together with ICICI Venture and Morgan Stanley PE Asia, have invested Rs 525 crore in Magma HDI General Insurance part of the Magma Group, which was acquired by the vaccine maker last month.
“I see huge potential in the growth of Magma HDI, which is a young and fast-growing company. We are confident that it can reach its full potential in the next few years,” said Serum Institute CEO Adar Poonawalla. Magma HDI is a joint venture between Magma Group and German insurer HDI. The latest transaction involves the buyout of existing promoters for Rs 275 crore and an infusion of Rs 250-crore fresh equity in the company.